An Authorization Letter For Bank Transaction is a crucial document in Philippine banking operations that enables account holders to delegate banking responsibilities to trusted representatives when they are unable to conduct transactions personally. This document, governed by Philippine banking regulations and the Bangko Sentral ng Pilipinas (BSP) guidelines, must include specific details about the principal and authorized representative, clear scope of authorized transactions, validity period, and necessary security measures. It is commonly used in situations where account holders are traveling, incapacitated, or otherwise unable to visit the bank personally. The document requires notarization and must be accompanied by valid identification documents to ensure security and prevent fraudulent transactions. The authorization can be limited to specific transactions or provide broader banking privileges, depending on the principal's needs and intentions.
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1. Letter Date and Location: Current date and place where the letter is executed
2. Bank Details: Complete name and address of the bank where the transaction will be conducted
3. Principal's Information: Full legal name, address, valid ID numbers, and contact details of the person granting the authorization
4. Authorized Person's Information: Full legal name, address, valid ID numbers, and contact details of the person being authorized
5. Account Details: Relevant bank account numbers and types (while maintaining security)
6. Scope of Authorization: Specific details of authorized transactions and their limitations
7. Duration of Authority: Validity period of the authorization
8. Signature Block: Space for principal's signature, authorized person's signature acceptance
9. Notary Section: Space for notarial acknowledgment as required by Philippine regulations
1. Special Instructions: Any specific conditions or restrictions on the authorization, used when there are particular limitations or requirements
2. Revocation Clause: Specific terms for revoking the authorization, included when the principal wants to specify revocation conditions
3. Joint Account Holder Authorization: Additional authorization section when the account is jointly held
4. Foreign Currency Authorization: Special provisions for foreign currency transactions, included when dealing with foreign currency accounts
5. Digital Transaction Clause: Additional provisions for online or digital banking transactions, included when electronic banking is involved
1. Copy of Principal's Valid ID: Authenticated photocopy of the principal's government-issued identification
2. Copy of Authorized Person's Valid ID: Authenticated photocopy of the authorized person's government-issued identification
3. Specimen Signature Card: Card containing specimen signatures of both the principal and authorized person
4. List of Authorized Transactions: Detailed enumeration of specific transactions covered by the authorization, if extensive
Relevant legal definitions
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Banking and Financial Services
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Real Estate
Retail
Healthcare
Education
Manufacturing
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Professional Services
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Legal
Finance
Compliance
Treasury
Administration
Corporate Secretariat
Risk Management
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Bank Manager
Financial Controller
Compliance Officer
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Corporate Secretary
Chief Financial Officer
Finance Manager
Treasury Manager
Account Manager
Business Owner
Executive Assistant
Administrative Officer
Human Resources Manager
Operations Manager
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